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HMRC outlines changes to late payment penalty regime

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HMRC has published a policy paper outlining the forthcoming changes to the penalties for late payment and interest harmonisation for taxpayers. The government intends to reform sanctions for late submission and late payments to make them 'fairer and more consistent across taxes'. Initially the changes will apply to VAT and Income Tax Self Assessment (ITSA).  

     

Digital marketplaces to report sellers' incomes from 2023

   
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HMRC has published a consultation that outlines plans to implement reporting rules for digital platforms first put forward by the Organisation for Economic Co-operation and Development (OECD). In February 2020, the OECD consulted on proposed rules setting out how digital platforms should collect information about the income of sellers and report it to tax authorities.

     

CIOT warns over stamp duty refund claims

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The CIOT has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be true.The CIOT says an increasing number of firms are contacting buyers of properties after completion of a purchase, suggesting that SDLT has been overpaid.

     
   

Contactless limit to increase to £100 from 15 October

The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, banking trade body UK Finance has confirmed. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public consultation and discussions with both the retail and banking sectors. It follows on from the successful increase in the limit from £30 to £45 in April 2020.

   
   
     

HMRC urges taxpayers to stay alert to digital scams

HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC. Research published by HMRC revealed that the number of tax-related scams has doubled in the past 12 months.

     

BCC calls for government to extend skills training

The BCC has urged the government to extend skills training in light of the publication of research which showed that one in five companies are considering making redundancies as a result of the coronavirus (COVID-19) pandemic. The BCC has stressed concerns that older workers could go unutilised unless support for retraining is put into place immediately.

   
     

Advisory fuel rates for company cars 2021

New company car advisory fuel rates have been published and took effect from 1 September 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.

     

Employers 'named and shamed' for paying less than minimum wage

The government has 'named and shamed' 191 companies that have broken National Minimum Wage (NMW) laws.

Following investigations by HMRC, the named firms have been fined for owing £2.1 million to over 34,000 workers. The breaches took place between 2011 and 2018. Named employers have since been made to pay back what they owed to employees and were fined an additional £3.2 million.

     

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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential.

 

If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255.

 

James Cowper Kreston

     

The information in this newsletter must not be relied on as giving sufficient advice in any specific case.

   

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